Amendment status not verified — confirm the current text below against the official source.
No assessment after five years: (1) No assessment under Section 36 or 37 shall be made after the expiry of five years from the end of the tax period to which the assessment relates: -43- Provided that in case of offence under this act for which proceeding for prosecution has been initiated, the limitation as specified in this sub- section shall not apply. (2) Any assessment made or penalty imposed under this chapter shall be without prejudice to prosecution for any offence under this Act.